Short Summary

At the United Nations Conference on Trade and Development (UNCTAD) in Nairobi, eight countries formally pledged contributions on Monday (24 May) to a proposed Common Fund to finance commodity buffer stocks.

Description

At the United Nations Conference on Trade and Development (UNCTAD) in Nairobi, eight countries formally pledged contributions on Monday (24 May) to a proposed Common Fund to finance commodity buffer stocks.

They included oil exporters Iran, United Arab Emirates and Kuwait, together with Mexico, Zambia and Pakistan.

Indonesia, which had earlier announced support for the Fund, said its contribution would be 25-million dollars (14-million pounds sterling). Norway, the first industrial country to offer a specific sum to the Fund, said its contribution would also be 25-million dollars, subject to parliamentary approval.